Apple Inc Chief Executive Tim Cook said on Tuesday he expects
the iPhone and iPad maker would be responsible for "several more
game changers" and that wearable computers could be the next big thing.
an area where it's ripe for exploration," Cook told an All Things
Digital conference, an annual gathering of technology and media
executives in the California coastal resort town of Rancho Palos Verdes.
"It's ripe for us all getting excited about. I think there will be tons of companies playing in this."
remarks come at a time when worries are mounting that the company which
created the smartphone and tablet markets is no longer at the top of
its game, with a slowdown in earnings growth hitting its share price.
stopped short of saying if Apple was working on wearable products, but
added that wearable computers had to be compelling and that Google Inc's
Glass -- a cross between a mobile computer and eyeglasses that
can both record video and surf the Internet -- is likely to have only
"There's nothing that's going to convince
a kid who has never worn glasses or a band or a watch to wear one, or
at least I haven't seen it," he said. "So I think there's lots of things
to solve in this space."
Cook also said he has a "grand vision"
for television that goes beyond an existing $99 Apple TV streaming
device, but did not go into details. The company has maintained for
years that it harbours an interest in the TV arena.
When asked if
Apple has lost its cool, Cook said "absolutely not" and went on to list
statistics of device sales and usage. He, however, acknowledged that he
was frustrated with the sudden downturn in the firm's stock price.
hitting a record close of $702.10 last September, the world's largest
technology company has shed 44 percent, losing more than $280 billion of
market value - or more than the entire market capitalization of Google.
April, Apple reported its first quarterly profit decline in over a
decade and was also shunned by some well-known fund managers in the
first quarter, with John Griffin's Blue Ridge Capital selling off its
shares and Chase Coleman's Tiger Global Management sharply cutting their
Cook has tried to reset heightened expectations around a
company and he has stressed that the company's position remains strong
and has opened up more of its treasure trove to investors, doubling its
cash return program to $100 billion by the end of 2015.
Cook's appearance at the conference follows his grilling by a Senate panel last week about Apple's tax management strategy.
Senate Permanent Subcommittee on Investigations has found that Apple in
2012 avoided paying $9 billion in U.S. taxes, using a strategy
involving three offshore units with no discernible tax home, or
But Cook, in his first congressional testimony since
becoming Apple CEO in 2011, said his company is a major taxpayer,
handing over nearly $6 billion in cash to the U.S. government in 2012.
Referring to the testimony, Cook said he felt strongly about the conclusions the subcommittee arrived at.
"So I thought it was very important to go tell our story and to view that as an opportunity instead of a pain in the ass."
© Thomson Reuters 2013